Real Estate Wholesaling: The Acquisition Process
In order for us to actual assign or double close on a property, we must first put it under contract for the RIGHT price. Placing a property under contract at the right price, will allow you to make a generous wholesale fee and allow your end buyer to make money on his exit. As real estate wholesalers, we want to create win/win situations for all parties involved. If we are supplying product to investors, where in the end, they end up losing money, you will not create an atmosphere of repeat buyers and happy customers. To ensure that we are contracting at the right price, there is a specific process that we work through to ensure that our numbers are accurate and our purchase price reflects the margin we need to make our desired profit.
The Real Estate Wholesaling Acquisition Process
The acquisition process within our business begins after the motivated seller has been qualified and appointment has been sent. This is the handoff point between our assistants who answer our calls and qualify sellers to our acquisition managers who go on the appointments. When qualifying the sellers who reach out for our services, our assistants gather all of the vital information on the phone from the seller to determine if an appointment should be set or not. Once the appointment is set, our Acquisition Manager will be able to review all of the vital information on the sellers file within our CRM. To make this simple, we will lay out the step by step process after an appointment is set by our assistants.
1) Appointment is added to Acquisition Manager's schedule.
2) Acquisition Manager reviews all pertinent information on the file to confirm appointment is necessary.
3) Acquisition Manager will call the seller lead, the day before or the morning of the appointment to confirm that someone will be available to show the property.
4) Depending on the status of the current lead (motivation, likely hood of a deal, price point, etc) the Acquisition Manager will bring a sales folder consisting of different information to leave with the seller.
- Purchase Contract
- Property Disclosures
- Information Packet on the Business
- Business Brochure
- BBB Information
- Business Card
This information is left with the seller because even if we are unable to come to an agreement, they will now always have a way to get in touch with us and details on our business.
5) Acquisition Manager goes on the appointment, during this appointment he will want to accomplish a few things.
- Build a relationship with the seller. Building trust and a level of comfort with them.
- Take photos and a video of the property. This information will be used for marketing the contract and also further analysis on the condition of the property.
6) Acquisition Manager will leave the sales folder behind with the seller and let them know that they should expect an offer within 48 hours. Acquisition Manager should also confirm how the sellers want the offer delivered (email, in person, mail)